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Nature 435, 411 (26 May 2005) | doi:10.1038/435411b; Published online 25 May 2005

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The first few months of 2005 have deflated investors' hopes for a biotech boom, industry analysts say.During 2003 and 2004, global investment in biotechnology — including money raised in public share offerings, as tracked by publisher BioWorld, based in Atlanta, Georgia — was picking up again after a slump in the previous couple of years.

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